Regulatory compliance for financial services
Let’s get back to the basics by defining regulatory compliance first.
Regulatory compliance refers to what organisations must achieve to ensure that they are aware of and take steps to comply with all relevant laws, policies and regulations.
The growing complexity of regulations, increasing regulatory divergence, and heightened scrutiny by regulators have all increased the importance of regulatory compliance, but also the resulting challenges.
Financial institutions are responding to these challenges by increasing their compliance budgets and strengthening their compliance teams, leading to a decline in business activity.
The key to compliance is usually ensuring that business teams know the answers to relevant regulatory questions, even if they are not regulatory compliance experts.
Embedded compliance gives business teams immediate answers to their most pressing regulatory questions right where and when they need them: embedded in their existing systems, tools and business processes.